The real irony and wake-up call for those critical thinking moderate Democrats – contemplating holding their collective noses come 2020 and voting for the Democratic nominee – is the dismal performance of the DNC’s fundraising.
The stunning report in June shows the party spent nearly as much as it raked in, which is perhaps a microcosm of how Democrats – if elected to the White House – would govern economically.
Regardless of what you think concerning the President’s character flaws, one thing is certain, he understands economics from a business perspective, as demonstrated since the moment he took office.
Moreover simply look at your 401K, your IRA account or your weekly paycheck, which has grown expeditiously, thanks to the President’s economic policies of reducing taxes across the board and ending putative regulations that stifled businesses unable to grow and expand.
On Sunday Politico reported that the DNC under the leadership of Chairman Tom Perez “raised $8.5 million in June, the month of the party’s presidential debates in Miami, less than half of the $20.7 million,” anticipated.
However spent over $7.5 million, much of which went towards the debates, the breakdown according to the DNC was allocated for those major events, which included $221,000 for catering, $106,000 on “event production & site rentals,” $61,000 on “event decorations,” $50,000 on “event consulting” and $19,000 on security. However, the filing did not specify which expenses were related to the debates in late June.
Moreover here is where it gets particularly dicey for the DNC, the obvious growing gap between the Committee and their donors, who don’t seem overly interested as they have in the past, in donating.
Furthermore, the spending in June doesn’t take into account the dire financial circumstances the DNC finds itself in, regarding their growing debt, which is now estimated to be within the $5.7 to 6 million dollar range. Compound that reality with a just-released report from Vice News, stating that “The RNC and President Trump’s campaign had a combined $100 million in the bank,” and you suddenly realize that DNC is bleeding red ink, with just a little over a year until the 2020 election.
Former Hillary Clinton campaign staffer and former DNC National Field Director Adam Parkhomenko has a grim warning for the party, “They need to get their sh*t together. Now,” he told Vice News.
Adding, “When Hillary became the nominee in 2016 she was handed nothing, the DNC was nothing and there was nothing to build on…You’d think we would have spent the last few years making sure this would never happen again, and it has.”
However, if truth be told, Hillary was a horrible candidate, with high negatives who simply ran a poor strategic campaign, more likely then not, money wasn’t the issue for her losing the White House.
Still, a number of high profile Democratic donors wrote out hefty checks to the debt ridded Committee in June. Hedge fund manager James Simons gave the committee $319,500; New York investor Mark T. Gallogly gave the committee $102,500; former Secretary of Commerce Penny Pritzker gave the committee $100,000, and investor David E. Shaw gave the committee $35,500.
The RNC countered with their own “big buck” donors in June, beginning with Charles Schwab, who gave $355,000, Home Depot co-founder Bernard Marcus, who gave $355,000, and billionaire Marlene Ricketts, who gave $106,500.
They also spent millions of dollars on fundraising campaigns, including $1.4 million on expenses which was allocated as “fundraising services,” another $5 million on email and telemarketing fundraising services, including $781,000 to several firms for polling in June.
Currently, the DNC is getting crushed in their fundraising efforts. Aside from their growing debt, they have just $9.3 million in the bank at the end of June, less than a quarter of the $44 million the RNC had for that same period.